The Financial Markets Law Committee is made up of several key groups working in concert:
FMLC Members are drawn from key financial market stakeholders across the public and private sectors, including from investment banks, law firms, private equity firms, insurers, trade associations, government departments, financial regulators, barristers’ chambers and the ranks of serving judges. Members are appointed in a purely personal capacity and pro bono publico.
Membership of the Committee is rotated over time: Members serve for a period of two years in the first instance, with a proportion of membership changing each year.
Board of Directors/Trustees
The FMLC Board of Directors acts as a governing body, establishing corporate management-related policies (such as electing the CEO) and making decisions on major overarching issues. As a registered charity, the FMLC's governance is overseen by a five-member Board of Trustees.
The Secretariat conducts the day-to-day business of the FMLC. It is hosted by the Bank of England in London and directed by the Chief Executive. The Secretariat:
- liaises with stakeholders in the wholesale financial markets to stay abreast of recent developments and potential issues of legal uncertainty;
- supports the activities of the FMLC, its Scoping Forums and Working Groups;
- facilitates cooperation between members and between the FMLC and other institutions;
- organises roundtable discussions and seminars throughout the year;
- maintains organisational records, administers the website and deals with the correspondence of the FMLC; and
- manages the financial, material and human resources of the FMLC.
The FMLC is an independent charity and draws its funding from the generous donations of its patrons. Patrons are made up of financial markets participants such as the City Remembrancer’s Office for the City of London Corporation, the Bank of England and various law and accountancy firms.